Redmond Home Values Summer-Fall 2014 (Bend, La Pine: for sale, real estate, renting)

[skypros]

Property values are way up
I did a search (7.28.14) for ANY single family home (no mobiles) for UP-TO $200,000

$000,000 to $100,000 There are 3 on the market.... One looks like a tear down on a 2,614 lot.... One a short sale that has been pending for a long-long time.... and one small 496 sq ft home located on a commercial lot...... These home all have one thing in common "not in a good location"

$100,001 to $125,000 There are 4 on the market..... 2 are under 700 sq ft and the other 2 are 1008 sq ft only 1 of the homes looks to be in a "ok" location

$125,001 to $150,000 There are 15 on the market.... most are under 1,100 sq ft..... 1 is on semi far-out acreage that is a total fixer

$150,001 to $175,000 There are 10 on the market.... 2 are short sales (both are pending) a couple of the homes look ok and look to be in a ok location.... 2 are in 55+senior complex (1 being a short sale)

$175,001 to $200,000 There are 34 on the market.... 5 that are on real SMALL lots, but are newer and look to be nice (think detached town homes).... 5 are brand new and probably have not been built yet.... Allot of these are in ok locations and look to be good homes

So basically if you are going to buy in Redmond it looks like you really have to spend more than $175,000 as a realistic starting price

In Bend.... There are 21 homes that are under $200,000..... all are going to be in the not the greatest locations.... There might be a couple of these that someone could make work and would be somewhat proud of their home

[JimH2]

As far as the total number of active sales, I got a total of 71 single-family homes listed in Redmond up to
$ 200 K value and a total of 38 in Bend (up to $ 200 K). Difference in numbers maybe due to boundaries and/or the RMLS site itself (I used the Hasson Real Estate search URL). In any event, selections are limited if one starts throwing out homes based on location-location-location and other attributes.

[BendLocal]

IMO the most accurate data comes directly from the MLS -

Search for Properties - COAR

[redguard57]

Well, if you eliminate manufactured homes, that will eliminate most of the under $100K options.

I got an actual sfr stick-built house for $95K in Redmond, about 1000sf, location okay. It's going to take what I estimate to be 10-12K work inside + another 10-15K on a new roof and landscaping outside later on.

$200K is pretty much the minimum for a stick-built, move-in ready home in Central Oregon, probably 220K is more realistic. You can get one for 160-170K in Redmond.

The prices levelled off about 2-3 months ago; stopped going up like they were for about a year. For townhomes & some sfrs, they appear to be going down 3-4% or so.

For what you can purchase these properties for, it's still better than renting the same thing at current rates.

other 2 are 1008 sq ft

Yeah, those are the 1990s era Hayden homes. I must have looked at a dozen of them. They're not a good layout either. You find them on the south side of Redmond mostly. Around the park they go for more. It's hit or miss in those neighborhoods. Close to the park is nice, certain other areas less so. One I looked at was for sale at $109K. It needed some work. Last I checked an investor bought it for under $100K, put in new fixtures, etc... and is now selling it for $140 or $149K. Some fool will probably buy it.

[BendLocal]

Bend Median Sale Price/SF

2014

Jan - $149
Feb - $152
Mar - $155
Apr - $156
May - $162
Jun - $163

Source is my RE Agent with this disclaimer - From MLS for Bend area. Single Family Residential, not including condominiums, manufactured homes, and acreage properties. Data subject to change.

[JimH2]

http://higherlogicdownload.s3.amazon...y%20Trends.pdf

[redguard57]

Bend area.

Does the Bend area include La Pine? There are a decent number of <150K homes in La Pine.

[whirnot]

Originally Posted by JimH2

http://higherlogicdownload.s3.amazon...y%20Trends.pdf

Thats a pretty extensive report. Thanks for posting.

[Coniferian]

I hadn't figured my price per square foot before, but evidently I got a real bargain on this Redmond house last October. Built in 1990, it has extensive landscaping and sprinkler system, central air, etc. I haven't had to do anything to it except paint trim and a green wall in the living room. Decent neighborhood too. I wish the property taxes were lower, but having no sales tax is offsetting that.

[BendLocal]

Originally Posted by Coniferian

I hadn't figured my price per square foot before, but evidently I got a real bargain on this Redmond house last October.

I'll be that is a welcome surprise!